An acquiring bank (also known as the merchant bank, merchant account provider, or acquirer) is a bank that manages the merchant's account. An acquirer enters into an agreement with the merchant and enables them to accept credit and debit card transactions. Acquiring banks assume the risk and responsibility for these transactions. Because of this assumed risk, acquirers usually charge various fees for their service. Fees vary by acquiring bank, and are usually based on the number of transactions, chargebacks and refunds.